Answer
$ (c)$ It jumps upward
Work Step by Step
When the switch is closed the current $i$ will flow from positive to negative.
So, the induced magnetic field in the iron core will be downward.
Now, by Lenz's law, an eddy current will induce in the metal ring that opposes the magnetic field that creates it. There will be drag force in the movable metal ring.
So, the metal ring will jump upward.
